Do I have to pay state tax on capital gains from selling stock in california?
eg., I have sold shares for a net capital gain of $100,000 this year. I understand I will hit the maximum tax bracket (after adding in my salary) of 35%.
My question is this – do I have to pay the CA state tax (9.6%) on the $100,000 capital gain from selling the stock?
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Do I have to pay state tax on capital gains from selling stock in california?
eg., I have sold shares for a net capital gain of $100,000 this year. I understand I will hit the maximum tax bracket (after adding in my salary) of 35%.
My question is this – do I have to pay the CA state tax (9.6%) on the $100,000 capital gain from selling the stock?
| Print article | This entry was posted by admin on November 29, 2010 at 8:49 pm, and is filed under Uncategorized. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
about 1 year ago
if that is your tax rate, yes
about 1 year ago
Oh yes, california is billions of dollars down in deficit and needs everything they can get.
about 1 year ago
Yes.
Income is income with the states with few exceptions. It is taxed at your marginal rate.
about 1 year ago
Yep. CA taxes capital gains as ordinary income regardless of the holding period.
If you held the stocks for more than one year, the maximum Federal rate is 15% for 2010. If you held them for one year or less the gain is taxed at your marginal rate so that could be as high as 35% if the rest of your income is high enough.
about 1 year ago
yep, if that’s your marginal rate.